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Exchange Rate Systems and Macroeconomic Stability

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Author Info
Collard, Fabrice
Dellas, Harris

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Abstract

We examine macroeconomic stability and the properties of the international transmission of business cycles under three exchange rate systems: a flexible, a unilateral peg and a single currency. The subjects of study are Germany and France. EMU increases output and decreases inflation variability in Germany but it has the opposite effect in France. It induces a strong negative international transmission of country specific supply shocks and amplifies the role of German supply shocks. These two facts may complicate ECB policy-making.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2768.

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Date of creation: Apr 2001
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Handle: RePEc:cpr:ceprdp:2768

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Related research
Keywords: Flexible Exchange Rate; International Business Cycle Transmission; Monetary Union; Taylor Rules; Unilateral Exchange Rate Pegging;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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This page was last updated on 2009-11-25.

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